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304.9-105 General qualifications for agent license.
(1)
An individual applying for an agent license shall make application to the
commissioner on the uniform individual application or other application
prescribed by the commissioner. Before approving the application, the
commissioner shall find that the applicant:
(a) Is at least eighteen (18) years of age;
(b) Has fulfilled the residence requirements as set forth in KRS 304.9-120 or
is a nonresident who is not eligible to be issued a license in accordance
with KRS 304.9-140;
(c) Has not committed any act that is a ground for denial, suspension, or
revocation set forth in KRS 304.9-440;
(d) Is trustworthy, reliable, and of good reputation, evidence of which shall be
determined through an investigation by the commissioner;
(e) Is competent to exercise the license and has:
1.
Except for variable life and variable annuities line of authority and
limited lines of authority identified in KRS 304.9-230, completed a
prelicensing course of study consisting of forty (40) hours for life and
health, forty (40) hours for property and casualty, or twenty (20)
hours for each line of authority, as applicable, for which the
individual has applied. The commissioner shall promulgate
administrative regulations to carry out the purpose of this section;
2.
Except for variable life and variable annuities line of authority and
limited lines of authority identified in accordance with KRS
304.9-230, successfully passed the examinations required by the
commissioner for the lines of authority for which the individual has
applied; and
3.
Paid the fees set forth in KRS 304.4-010; and
(f) Is financially responsible to exercise the license and has maintained in
effect while so licensed:
1.
The certificate of an insurer authorized to write legal liability
insurance in this state, that the insurer has and will keep in effect on
behalf of the person a policy of insurance covering the legal liability
of the licensed person as the result of erroneous acts or failure to
act in his or her capacity as an insurance agent, and enuring to the
benefit of any aggrieved party as the result of any single occurrence
in the sum of not less than twenty thousand dollars ($20,000) and
one hundred thousand dollars ($100,000) in the aggregate for all
occurrences within one (1) year;
2.
A cash surety bond executed by an insurer authorized to write
business in this Commonwealth, in the sum of twenty thousand
dollars ($20,000), which shall be subject to lawful levy of execution
by any party to whom the licensee has been found to be legally
liable as the result of erroneous acts or failure to act in his or her
capacity as an agent; or
3.
An agreement by an authorized insurer or group of affiliated insurers
(2)
for which he or she is or is to become an exclusive agent whereby
the insurer or group of affiliated insurers agrees to assume
responsibility, to the benefit of any aggrieved party, for legal liability
of the licensed person as the result of erroneous acts or failure to
act in his or her capacity as an insurance agent on behalf of the
insurer or group of affiliated insurers in the sum of twenty thousand
dollars ($20,000) for any single occurrence and that the agreement
shall not be terminated until the license is surrendered to the
commissioner.
The commissioner may require additional information or submissions from
applicants and may obtain any documents or information reasonably necessary
to verify the information contained in an application.
Effective:July 12, 2012
History: Amended 2012 Ky. Acts ch. 74, sec. 2, effective July 12, 2012. -Amended 2010 Ky. Acts ch. 24, sec. 1047, effective July 15, 2010; and ch. 83,
sec. 2, effective July 15, 2010. -- Amended 2005 Ky. Acts ch. 143, sec. 6,
effective June 20, 2005. -- Amended 2002 Ky. Acts ch. 273, sec. 15, effective
July 15, 2002. -- Amended 2000 Ky. Acts ch. 393, sec. 7, effective July 14,
2000. -- Amended 1998 Ky. Acts ch. 483, sec. 9, effective July 15, 1998. -Amended 1986 Ky. Acts ch. 437, sec. 12, effective July 15, 1986. -- Created
1978 Ky. Acts ch. 161, sec. 1, effective June 17, 1978.
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